The six-page questionnaire and cover letter, a copy of which was obtained by The Oregonian, asked how investors were introduced to Berjac, how much money they invested, and whether they thought they were investing in real estate, insurance premiums, promissory notes or trust deeds.

That last point could be key to any potential criminal charges brought against Berjac's owners, brothers Michael Holcomb of Eugene and Gary Holcomb of Lake Oswego. Many creditors of Berjac say they were never told the firm, which loaned money to small businesses so they could pay their insurance premiums, was investing in speculative real estate.

"Many of my clients had been investing in Berjac for years," said R. Scott Palmer, an attorney in Eugene representing several large creditors. "They always thought they were dealing with insurance premium financing."

Berjac was founded 50 years ago by Fred "Jack" Holcomb, former chairman of Eugene's Pacific Continental Bank. His sons eventually took over.

At some point, Berjac started financing real estate deals that went sour. It operated two entities -- Berjac of Oregon in Eugene and Berjac of Portland -- before merging into one right before bankruptcy. The Holcombs took deposits from investors at both offices, promising returns of 6 percent or more and allowing frequent withdrawals.

The bankruptcy case itself has ballooned to include 400 creditors from across Oregon, Colorado and other states. More than $44 million in claims have been filed -- including from established business owners in Eugene and elsewhere, two churches and many elderly in need of money, attorneys say.

In November, Thomas Huntsberger, the bankruptcy trustee investigating the case, sued one creditor, Curtis Restaurant Equipment of Springfield, accusing the company of fraudulent and enriching transfers.

In the nine months leading up to the bankruptcy, Berjac paid Curtis $300,000 and gave it title to 20 acres in Redmond. That deed made Curtis a secured creditor, in line to recover money ahead of all other Berjac investors. Huntsberger wants the court to invalidate the deed and recover the $300,000.

Curtis, through attorney Donald Churnside, denied the allegations. The company, its officers and a related entity have filed claims totaling more than $2 million.

The trustee has also filed lawsuits in Lane County Circuit Court against the Holcomb Family Limited Partnership, which Huntsberger alleges received millions of dollars from Berjac and was used to extract loans from banks for Berjac.

Huntsberger also has filed a lawsuit against Max Jordan, a Lane County developer, seeking nearly $2 million in an unpaid loan and interest.

This month, a judge ordered Eugene dentist Thomas Dean to hand over his tax returns and financial statements. Dean allegedly co-owns with Berjac the building housing his dental practice, Bailey Hill Family Dental Center, and owes Berjac $750,000 on a promissory note.

Dean asserts in court filings that Berjac owes him at least $150,000. His attorney says he is cooperating with Huntsberger's investigation.

The bankruptcy even cast a brief shadow over the merger of two Eugene banks -- Pacific Continental Bank and Century Bank, scheduled to be completed today.

Michael Holcomb sat on the board of Pacific Continental Corp., which owns the bank, until the day Berjac filed for bankruptcy and was fined $900,000 by state securities regulators for selling unregistered securities.

Mike Curtis, chairman of Curtis Restaurant Equipment, sits on the board of Century Bank. The bank renewed a $1 million line of credit and issued a $300,000 disbursement to Berjac hours before the firm filed for bankruptcy. Curtis also owns 2 percent of Century Bank stock and stands to reap nearly $275,000 from the merger.

Days later, Century accused the Holcombs of deceiving the bank by not alerting them to the pending state penalty and the bankruptcy. U.S. Bankruptcy Judge Thomas Renn eventually allowed Century to recover the $300,000 from Berjac's account at the bank.

Tom Widmer, Century's president and chief executive, refused to answer questions this week about Berjac.

Oregon Division of Finance and Corporate Securities administrator David Tatman said his division reviewed Century's loans to Berjac. The division was told that Curtis recused himself from any boardroom discussions about Berjac, Tatman said.

Regardless of what happens with the FBI's investigation, the bankruptcy cases could drag on for years. Berjac's and the Holcombs' assets appear too limited to cover all the losses.

"You're talking about people who in some instances had placed their life savings with Berjac," Palmer said, "and it's all gone." -- Brent Hunsberger